Project Report Life Insurance Companies in India

RESEARCH METHODOLOGY

RESEARCH BRIEF

The first stage involved initial discussion between the various team members
and the company in order to identify the research objectives (Rationale of the
research), which is the most difficult step in the research process.

RESEARCH DESIGN

Research design is the arrangement of condition for collection and analysis
of data in a manner that aims to combine relevance to the research purpose with
the economy in procedure. It is the blueprints for collection, measurement and
analysis of data.

Type of Research: Analytical Research

Under the analytical research, the researcher has to use facts or information
already available and analyze the facts and information to make a critical
evaluation of the material. The research is designed to study the performance of
insurance companies in the post-liberalization era.

The methodology followed for research is as following:

1. Survey of concerned literature

2. Collecting data:

Quantitative

Qualitative

3. After the collection of data the raw data is processed through editing,
loading, classification and tabulation to make analysis of the data of
information

After the analysis the finding are drawn and recommendations/conclusion are
made.

The research design which help to answer the following questions:

Why the study is being made?

From where the data needed can be collected?

DATA COLLECTION

1. PRIMARY DATA

These include the survey or questionnaire method, telephonic interview as
well as the personal interview methods of data collection

2. SECONDARY DATA

The secondary data as it has always been important for the completion of any
report provides a reliable, suitable, adequate and specific knowledge. The
standard cost reports, working sheets provide the knowledge and information
regarding the relevant subjects.

Secondary data is a data, which is collected from various sources. Secondary
data is not a fresh data so it has its own limitations like: Time Constraints,
Accuracy and Applicability.

UNIVERSE AND SURVEY POPULATION SAMPLE

The process of collecting observation from the elements of a large population
may be expensive, time consuming and difficult. It will be cheaper and quicker
to collect the information from a sample of the population.

A sample is a fraction or a subset of population through a valid statistical
procedure so that it can be regarded as representative of the entire population.
The valid statistical procedure of drawing sample from the population is called
sampling.

Nature of sampling

Random sampling has been used here. Random sampling is a type of sampling
technique where each element of population has a chance of getting selected.
Nature of this sampling is random sampling because each insurance company has an
equal chance of being selected is its category.

Sample units:

One of the units which an aggregate is divided or regarded as divided for the
purpose of sampling, each unit being regarded as individual and invisible when
the selection is made. The definition of unit may be made on some natural basis
or on some arbitrary basis. In the case of multistage sampling the units are
different at different stages of sampling, being “large” at the first stage and
growing smaller with each stage in the process of sampling.

The sample size for measuring the performance for life insurance companies is
as follows:

This study is based on analysis the performance of different life insurance
company in India, LIC is the major player in the market, there are 15 other life
insurance companies operating in the country. Thus the size of the universe is
16.

Out of these 16 companies, 4 companies are selected; in these one is Public
Company and other Three are Private Companies:

Life Insurance Corporation of India

Kotak Life Insurance

ICICI Prudential Life insurance

HDFC Standard Life Insurance

Analysis pattern

After the data is collected and editing, the next job of the researcher is to
present it systematically. The collected data is so large, complex and
unarranged that it can’t be processed without arranging it according to same
charteristics.